兼顾“传富”与“掌权” 上市公司股东“试水”股权信托

Core Insights - The wealth management needs of China's first generation of affluent individuals are transitioning from "wealth creation" and "wealth preservation" to "wealth inheritance" [1] - Family businesses face challenges in wealth and business succession due to frequent "family divisions" and internal conflicts [1] Group 1: Wealth Transfer Mechanisms - Balancing equity control and family harmony is a core issue in wealth inheritance [2] - Many listed companies have started to place their equity into trusts to achieve a balance between "wealth inheritance" and "control" [2] - In February, Puyang Huicheng Electronic Materials Co., Ltd. announced a three-layer structure to place most of its shares into a family trust [2] - In April, 361 Degrees International Limited transferred approximately 65.60% of its equity into family trusts through offshore structures [2] - The introduction of the "Notice on the Registration of Equity Trust Property" in April has clarified the requirements and processes for equity trust registration, indicating growing regulatory acceptance [2][5] Group 2: Trust Structures - The typical structure involves a Special Purpose Vehicle (SPV) to achieve tax optimization and control management [3] - The SPV is established with the client as the general partner (GP) and the trustee as a limited partner (LP), allowing for indirect holding of equity in family trusts [3] - The "family trust + limited partnership" model has become mainstream due to its compliance with regulatory requirements for clear and stable control of listed companies [4] Group 3: Challenges and Opportunities - Family trusts can effectively manage complex assets like equity, balancing corporate governance stability and family interests [4] - The current market for equity family trusts in China is relatively underdeveloped compared to international standards, where family trusts account for over 50% of wealth management [5][6] - As of the end of 2024, the balance of family trusts in China was 643.579 billion, but equity family trusts remain limited [5] Group 4: Regulatory Environment - The lack of a clear trust registration system and varying registration processes for different companies pose challenges for equity family trusts [6] - The recent trial registration of equity trusts in Beijing is a positive step towards enhancing the public effectiveness of equity as trust property [6][7] - Compliance issues, such as the recognition of "acting in concert" and the legality of trust structures, are critical for successful trust establishment [7][8]